#158 - Buying Michael Jordan's House (and Making a Profit), Investing in Athletes & Successful Startup-Studios
My First Million5 Mar 2021

#158 - Buying Michael Jordan's House (and Making a Profit), Investing in Athletes & Successful Startup-Studios

MFM #158 Andrew Chen story University of Washington has a program for gifted high schoolers who want to do college early. Andrew took part and graduated at 19. He met some pretty cool people doing this including emmit of twitch, and head of hedge funds. Shaan got into a Duke program as a teenager via TIP program by scoring high on PSAT. Shaan: This is a great marketing trick -- he’ll do this when he starts his school For athletics, the opposite is done. MJ’s house Michael Jordan’s Chicago home went on sale for $30m many years ago, but hasn’t sold. Today it’s on sale for $14m. Idea #1: Buy the house using crowdfunding and through NFTs, any fan can own a fraction of the property. From there, the property can be turned into a museum. Idea #2: Instead of turning the house into a museum, turn into a great Airbnb. Obama’s Hawaii house (the Plantation Estate) rents for $6k a night or $180k a month. You have to make it the dream “man cave”/sports fan getaway. Make it an alternative to Vegas for bachelor’s parties. Fill the house with Jordan memorabilia, and make it an incredible experience for fans to come to. Famous homes: There's a precedent for taking famous homes and turning them into museums. Graceland: Elvis’ former home receives 600k visitors each paying ~$30 Painted Ladies: Painted Ladies and “Full House” house are mainstay attractions. “Full House” house sold for a premium above market price. Counter: Sam is sceptical of crowdfunding on Rally Road because of the difficulty in liquidating. Shaan counters by saying fractional ownership makes liquidity less of an issue. Also many aren’t concerned about selling. Would rather wait and hold. Big League Advance BLA: Offers cash to minor league baseball players with the promise of making money if the baseball player hits it big. Fernando Tatis Jr: Took cash when he was in the minors from BLA, but now has to pay out ~$30m after signing a $300m+ deal Opportunity: Baseball is the easiest to model, but the NBA presents a great opportunity because of guaranteed contracts. If a player gets a $100m, 5 year deal, you can offer them $80m upfront for the contract. Instead of Counter: This is a risky business. The business only works if you can model properly and get big hits to cover the losses. Startup studio Instead of investing in companies or starting just one company, startup studios invest and incubate several businesses at once. Shaan: Historically very tough and didn’t work. Garret Camp, Mark Pincus, Kevin Rose, and Michael Birch (Monkey Inferno where Shaan worked) all had studios which had no big winners. Successful studios: The tides may be shifting as a few studios have begun getting hits. Thrive Capital by Josh Kushner (Oscar), Atomic by Jack Abraham (Hims), Prehype (Barkbox and Ro) Atomic: Only works at one project at a time and the team has 9 months to raise a series A or else may be out of a job. Also focused more on B2B than consumer. eFounders: European studio that only does SaaS. They’ve been able to make the model successful Kevin Ryan: Part of DoubleClick when it was sold. Made about $20m and created AlleyCorp which incubated companies like MongoDB, Business Insider, Zola and Guilt. Good: It’s a dream job because you work on multiple ideas. Unlike a traditional startup, when failure happens you can just move onto a new project as a team Bad: For a startup to work, you need laser focus. Often what happens, when a startup hits a plateau, you can pivot to an area that’s working. At studios, the team is more inclined to move onto another project altogether. No do-or-die, back-to-the-wall mentality as with startups. --------- Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. Editing thanks to Jonathan Gallegos (@jjonthan)

Episoder(822)

How to live an asymmetric life

How to live an asymmetric life

Get Sam's ChatGPT Executive Coach Playbook - his exact system for everything from revenue optimization to life decisions: https://clickhubspot.com/skm Episode 757 Sam Parr ( ⁠https://x.com/theSamParr⁠ ) shares his formula for how to live a good life.  — Show Notes: (0:00) Step 1: Don’t Have a Best Friend (2:45) Step 2: Don’t Decide (7:01) Step 3: Don’t Set Goals (13:54) Step 4: Keep Pivoting (16:23) Step 5: Don’t Buy the Index — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com  • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

17 Okt 202523min

How two straight guys bought Grindr and made $2B

How two straight guys bought Grindr and made $2B

Want to build a billion-dollar business? Get the playbook: https://clickhubspot.com/hwg Episode 756 Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to Rick Marini and Jeff Bonforte, the private equity guys who flipped Grindr for $2B dollars in 24 months.   — Show Notes: (0:00) The story of Grindr (13:34) Private Equity crash course (38:10) Uncle Rick gives advice on what to buy (43:07) Trends to jump on (49:48) Buying lottery tickets (1:03:58) The wisdom of Naval (1:10:48) The emotional adoption curve — Links: • Rick Marini - https://x.com/rmarini  • Jeff Bonforte - https://x.com/bonforte  • Grindr - https://www.grindr.com/  — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com  • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

13 Okt 20251h 22min

5 App Ideas for ChatGPT’s New App Store ft. Greg Isenberg

5 App Ideas for ChatGPT’s New App Store ft. Greg Isenberg

Want in on the AI Gold Rush? Get the free AI Side Hustle Crash Course: https://clickhubspot.com/lkb Episode 755: Sam Parr ( https://x.com/theSamParr ) talks to Greg Isenberg ( https://x.com/gregisenberg ) about OpenAI’s new App Store and brainstorm app ideas to jump on. — Show Notes: (0:00) ChatGPT App Store launch (7:47) IDEA: My AI Tax Guy (10:26) IDEA: AI Healthcare concierge (13:07) IDEA: AI meme studio (13:53) IDEA: AI grandma (14:57) IDEA Credit repair — Links: • Idea Browser - https://www.ideabrowser.com/ • BankStatementConverter - https://bankstatementconverter.com/ — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

10 Okt 202521min

Brainstorming $100M Ideas with the $1B+ King of Brands

Brainstorming $100M Ideas with the $1B+ King of Brands

Want the guide to spot $100M+ Product Ideas? Get it here: https://clickhubspot.com/hre Episode 754: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) brainstorm $100M ideas with Eric Ryan ( https://x.com/ericthomasryan ). — Show Notes: (0:00) My $1B product playbook (3:32) Look for a sea of sameness (9:31) Trend trips (15:27) Remix opposing ideas (22:46) Case Study: Olly (32:14) The State of Make (37:54) IDEA: A better Metamucil (44:34) IDEA: The SoulCycle of diners (55:57) IDEA: White label chicken (1:03:28) Holy Grail of Naming (1:06:23) IDEA: Gourmet Babybels (1:10:28) IDEA: fun shaped cheese (1:14:26) Commit and then figure ou — Links: • Method - https://methodhome.com/ • Olly - https://www.olly.com/ • Welly - https://www.getwelly.com/ — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

8 Okt 20251h 20min

$50M Poker Pro Shares His Best Advice For Founders

$50M Poker Pro Shares His Best Advice For Founders

Want Sam's top 7 books for entrepreneurs? Get it here: https://clickhubspot.com/cpe Episode 753: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to poker pro Daniel Negreanu ( https://x.com/realkidpoker ) about the inner game of risk and performance under pressure. — Show Notes: (0:00) Intro (6:28) The Scotty Nguyen story (8:07) Reading People (22:30) Daniel's first poker game (27:21) Be, Do, Have (39:10) Phil Ivey (44:46) Common leaks (49:12) the hypnagogic state (52:35) Emotional intelligence (59:46) Kidlan's Law (1:03:20) Handling the downswings — Links: • Daniel on YouTube - https://www.youtube.com/channel/UC0w4AA42ItXQEb9aZld87-w • Daniel Negreanu - https://danielnegreanu.com/ — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

6 Okt 20251h 17min

The App That’ll Be Bigger Than TikTok

The App That’ll Be Bigger Than TikTok

Capitalize on the AI wave – grab the free AI Side Hustle Crash Course: https://clickhubspot.com/qrb Episode 752: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk about 3 apps that are crushing it. — Show Notes: (0:00) We try out Sora (16:51) Trend: micro sports betting (24:02) Idea: Remote AA for Gamblers (33:21) Sam’s secret YouTube (39:10) Idea: RescueTime 2.0 — Links: • Sora - https://openai.com/sora/ • Meta Glasses - https://www.meta.com/ai-glasses/shop-all • Birches Health - https://bircheshealth.com/ • Sunflower Sober - https://sunflowersober.com — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

3 Okt 202547min

The Hospitality Principles That Build Billion-Dollar Startups

The Hospitality Principles That Build Billion-Dollar Startups

Want to start your own million dollar business with less than $1k? Get the guide: https://clickhubspot.com/bgk Episode 751: Sam Parr ( https://x.com/theSamParr ) talks to Will Guidara ( https://x.com/wguidara ) about how startups can use principles of 5-star restaurants to beat their competitors. — Show Notes: (0:00) Intro (7:42) Delivering praise and criticism (12:26) Unreasonable customer experience (17:39) One Size Fits All (25:14) One Size Fits Most (28:54) One Size Fits One (33:53) How to implement (40:24) Who to study (47:51) The business of restaurants (53:58) Dealing with critics — Links: • Unreasonable Hospitality - https://www.unreasonablehospitality.com/ — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

30 Sep 20251h 2min

He turned a broke team into a billion dollars

He turned a broke team into a billion dollars

Want to start your own business with less than $1k? Get the playbook here: https://clickhubspot.com/fhe Episode 750: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk about the wild rise of Savannah Bananas. — Show Notes: (0:00) The wild story of Savannah Bananas (20:59) How to be insanely great — Links: • The Savannah Bananas - https://thesavannahbananas.com/ • Jesse Cole on Acquired - https://www.acquired.fm/episodes/building-the-savannah-bananas • Monster Jam - https://www.monsterjam.com/ — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

26 Sep 202549min

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